Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
38% - Moderately

Personal Property

Synonyms:chattel, movable property, movables
Acronyms &
Filed Under: financial-banking, insurance

Definition of personal property (PP)

personal property (PP)
1. Chattel, or any movable, personal property that is not permanently attached to a house.

Related Terms and Acronyms:

  • asset   Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
  • blanket insurance   A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
  • chattel mortgage   A loan backed by movable personal property. Generally mobile or trailer homes.
  • intangible asset   Non-physical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
  • intangible property   Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
  • multiline insurance policy   A combination of different insurance policies that are rolled into a single insurance policy.
  • personal property taxes   Tax paid on real property, intangible, or tangible property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location. Also called property taxes.
  • property insurance   Insurance that provides coverage for damages to property from a number of perils.
  • umbrella insurance   Insurance used to cover different types of property in a single policy.
  • unaffiliated investments   Investments in assets made by an insurance company where they have no control over the assets.

More Related Terms and Acronyms

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